Today’s Gold session covered a very vast $31.10 volatile and choppy range. Early in the session the market ranged between $1325.00 and $1335 before a mid to late session rally that took out my second resistance level of $1352.00. It appeared that investors and traders alike chose Gold as a safe haven investment as concerns grow in regards to the situation in Egypt. If the turbulence in Egypt continues to escalate it certainly could cause the price of Crude oil to sky rocket which would be very bullish for the precious metals. The buying frenzy set off stop-loss orders and forced liquidation and profit taking from traders holding “short positions”. European central bank Boss Jean-Claude Trichet stated that “very close monitoring” of inflation is warranted in the Euro region. This statement may have chased savvier European investors into the precious metals as a “safe haven“ investment.
The weekly Initial Jobless Claims was 415,000…. this was expected to be 420,000.

REPORTS 2/4 UNEMPLOYMENT ………..7:30 am (CST)

MY SWING NUMBERS 2/4

APRIL GOLD RESISTANCE # 2………………$1376.00

RESISTANCE # 1………………$1365.00

PIVOT…………………………….$1345.00

SUPPORT # 1………………….$1333.00

SUPPORT # 2………………….$1314.00

VOLUME…………………………162,000

MARCH SILVER RESISTANCE # 2………………$29.40

RESISTANCE # 1………………$29.06

PIVOT…………………………….$28.51

SUPPORT # 1………………….$28.17

SUPPORT # 2………………….$27.61

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com

877-294-4669

312-563-8029

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